Benefits of Having a Separate Health Insurance Plan for Your Parents
As necessary as health coverage is, it is always better to buy separate health insurance for parents rather than clubbing them with your own policy.
Here are 7 reasons why it is important to buy separate health insurance for your parents.
1. Higher Coverage Available vs Shared Coverage in Family Insurance
When you include your parents in your health insurance policy, the total coverage available is shared among all the members of the policy. This means that if one family member makes a claim, the coverage available for others reduces.
On the other hand, when you buy a separate health insurance policy for your parents, the entire coverage is dedicated to them, ensuring that they get the necessary medical care without worrying about the expenses.
2. Affordable Premium Rates
Health insurance premiums for senior citizens are generally higher than those for younger individuals. When you include your parents in your policy, the premium for the entire policy is based on the age of the eldest member. This means that if one of your parents is a senior citizen, the premium for the entire policy will be higher.
On the other hand, when you buy a separate health insurance policy for your parents, the premium is based on their age and health condition, ensuring that you get the best possible rates.
Also, Know about: Health Insurance Premium Calculator Online in India
3. Get Your Policy Customized as Per Your Health Requirements
Every individual has unique healthcare needs, and these needs differ with age. When you buy a separate health insurance policy for your parents, you can customize the policy to suit their specific healthcare needs. This ensures that they get the necessary coverage for all medical expenses, including hospitalization, doctor's fees, diagnostic tests, and medication.
4. Optimising the No-Claim Bonus
When you include your parents in your health insurance policy, the no-claim bonus is shared between all the members of the policy. However, when you buy a separate health insurance policy for your parents, they can avail the no-claim bonus if they have not made any claims during the policy period. This bonus can help reduce the cost of the health insurance plan and provide additional benefits.
On the other hand, the chances of falling ill increase with age. Hence, including parents in family policy would reduce the possibility of claiming NCB in the family policy.
Thus, it's a better option to buy a separate health insurance for parents.
5. Additional Tax Benefits for Senior Citizens
When you buy a separate health insurance policy for your parents, you can claim tax benefits under Section 80D of the Income Tax Act. This ensures that you get additional tax benefits in for the premium paid towards your tax benefits in health insurance plan.
6. Pre-Existing Diseases
People with pre-existing conditions pay relatively high premiums for health insurance policies, which raises your monthly premium costs. For someone with pre-existing problems, it is, therefore, wise to choose a different policy. Additionally, our parents should have their own health insurance coverage because they are more likely to become ill as they age and have pre-existing diseases.
The list of pre-existing diseases includes diabetes, arthritis, cataracts, heart disease, high cholesterol, asthma, etc.
In addition to covering medical costs, parent health insurance policies provide wellness benefits such as advice on routine nutrition, food, lifestyle, and general health.
7. Wellness Benefits
Beyond health insurance coverage, a health insurance policy can offer several other wellness benefits to your parents. It can include guidance on lifestyle, diet, nutrition and overall health.
Your parents will get healthier over time if they participate in a wellness program that teaches them how to make healthy decisions.
The wellness benefits also include teleconsultation with doctors, online medicine orders, lab tests, self-tests and several extra-curricular activities. These benefits differ in several insurance companies. Hence, you must check your parents' wellness benefits as well.
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